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Fortune Staff

This year’s Fortune 500 marks the 68th running of the list.

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Nationwide

A recall, a lack of competition, and supply chain woes have made it difficult to buy the product.

What’s behind the nationwide shortage of baby formula

Retail

yeah. Mm hmm hmm hmm hmm hmm hmm hmm hmm. Today, president biden spoke with retailers and manufacturers including the Ceo of walmart, Target Reckitt and Gerber to call on them to do more to help families purchase infant formula. He discussed Reckitt and Gerber's efforts to increase production, which had made up for the loss of production by Abbott and asked them to identify other ways the administration can help them on top of the actions being announced. Today. The conversation with the Ceo of walmart and Target focused on how they are working to stock shelves, including in rural areas and any regional disparities they are seeing. And the president asked what more his team can do to help move product and get more product to those communities. What we are seeing, which is an enormous problem is hoarding people hoarding because they're fearful. Uh, that is one element of it. And people hoarding because they are trying to profit off of fear, fearful parents. So that is also something we're focused on, uh, taking efforts to track and adjust and address and and look into. Um, but again, more infant formula has been produced in the last four weeks and in the four weeks preceding the recall, we're taking every step to increase that. So our message to parents is we hear you, we want to do everything we can and we're gonna cut every element of red tape to help address this and make it better for you to get formula on the shelves

Low inventory continues to drive prices upward.

Home prices were supposed to slow in 2022, but they're not

Real_Estate

[MUSIC PLAYING] SUSIE GHARIB: Hans, thank you so much for joining us, and congratulations for being selected as the keynote speaker at the Consumer Electronics Show in January. This is going to be the first time it's all-virtual, so you're going to have a huge global audience. And I'm sure that one of the big topics is going to be about the future of 5G, fifth-generation super-fast technology. So what are you going to tell them? What's your key message? HANS VESTBURG: First of all, thank you very much for having me. I think at first, we'll continue to talk about how transformative the 5G technology is compared to any previous technology or wireless. And then briefly, we're saying that 2G to 4G was basically about speed and throughput improving all the time, from text message to actually full video review on your phone. And 5G has actually eight capabilities, not only two. It has the size of how many connected devices at the same time. It has an extremely low latency. It has many other features that are actually going to transform industries quite a lot. Of course, consumers are going to get a lot of new applications. But in general, it's also very much for industries and society 5G, which is, I think, very transformative. SUSIE GHARIB: You know, 2020 was supposed to be all about 5G. We started off the year with a lot of hoopla. But because of a variety of issues, including the coronavirus pandemic, there's been many delays on a roll out of a true 5G nationwide network. What's your playbook at Verizon? HANS VESTBURG: I'm not sure I agree with you. At 2010, when we were sitting down and designing 5G in my previous company, our time plans was actually the first sort of immediate step would be 2020. We're actually ahead of the game on 5G with basically two years-- the whole industry. And as you might know, Verizon already has launched the 5G mobility. We have launched our second service, which is 5G home. And we've also known as our third service, which is 5G mobile age compute, which is basically bringing the cloud out to the edge of the 5G network. I think when people think about 5G, they think about consumer solutions, and that's absolutely right. But one thing we need to think about here in the United States is that the level of iPhones in this market is so high, and sort of the openness of switching between operating systems is low. So that means that I think consumers will feel it when Apple has a 5G iPhone. But the networks are already built. I mean, we are building according to plan this year, and the previous years as well. So it's more about the consumer side of it, and the device that has a high market share in this market. SUSIE GHARIB: Well, everyone, including you a moment ago, talking about how 5G will transform our lives, whether it's a faster download of a movie on Netflix, or telemedicine, or tele-education, things like that. But in order to have those breakthroughs, I believe we have to have a nationwide 5G network, just not in various cities. Without getting too technical, Hans, what is Verizon doing to make that happen? HANS VESTBURG: No, have already to committed this year we're going to have a nationwide 5G. We're going to have more than 60 cities on what we call the ultra wideband, which is speeds up to 2, 3, 4 gigabits per second on the phone, which is enormous. It's just 20X to what you have with 4G today. So that we will have this year. And what I've told the market is that when the appropriate moment is to launch that nationwide commercial-wise, we're going to do it. So we are ready with it. The team has done a terrific job to prepare ourselves. But again, we think about the right moment. And they're probably going to come the right moment soon in the future. SUSIE GHARIB: Well, talk to us a little bit about the timing on it. Do you see that happening in 2021? HANS VESTBURG: 2020. We're going to have that 2020. SUSIE GHARIB: And how crucial is it? Will you be providing a complete telecom infrastructure? How crucial is that? HANS VESTBURG: No, first of all, remember, when it comes to networks, we have the best 4G network in the world, or in the United States. And that's what our customers are expecting. They're expecting that as we go into the new technology, they're going to have a transformative experience. And that's what we're building, and that's why we are building what we call 5G ultra wideband in all of dense urban areas, stadiums, urban centers, et cetera. But we're also going to go nationwide. And we use different type of spectrums here, not to be too technical. And that's what we're going to do. And we're going to launch that this year. And the cities are already launched, and we're launching cities as we speak. SUSIE GHARIB: Well, how are you going to compete against companies like T-Mobile-- now that Sprint is part of the organization-- and also AT&T, that we understand have better coverage when it comes to 5G across the country? HANS VESTBURG: And again, I think that some of these 5Gs coming out actually are inferior to our 4G. We want to do something that is transformative, and that's why we decided from the beginning, we're going to build it right. We're going to do something transformative. That's why we have launched so far 35 cities with the ultra wideband. We're doubling the capacity in those cities. And we're going to have it nationwide later this year. And we're just going to wait for the right moment where my commercial side thinks is a good time to launch it. I think we have a great opportunity to continue to lead this market and compete. SUSIE GHARIB: People have been talking a lot about having at 5G phone, as you know, and there's been a lot of marketing hype about Apple coming out with a 5G iPhone maybe in October. Will Verizon be selling that phone? HANS VESTBURG: I think that if Apple will come out with a 5G phone, Verizon will of course sell it. But I think it's a hypothetical question, and it's a question I cannot answer. SUSIE GHARIB: OK, well, if there is a 5G iPhone-- if it really happens in October, and Apple rolls it out-- how significant would that be to Verizon in terms of revenues and business growth? HANS VESTBURG: I think it's going to be significant. I said in the beginning, the US market has a very high market share of iPhone users. And as we have seen in the recent past years, people are not changing sort of in-between operating systems. That means that if you want to go on the 5G bandwagon, and you are an iOS user, you wait for that 5G iPhone. The same goes with Android users as well. So that's why it's significant for the US market. It might be very different in other markets where iPhone is not the biggest market share, and where Android is far more important when it comes to 4G and 5G. So it's different from market to market. But definitely, in the United States, the iOS and the iPhone has the high market share, and that goes for Verizon as well. 

Vestberg discusses Verizon's plan for nationwide implementation.

Verizon CEO Hans Vestberg on upcoming 5G technology

Leadership

Vestberg on Verizon's plan for nationwide implementation.

 - It's now been 10 years since the EHR and center program was created, yet we still do not have adequate levels of interoperability. - So we can sequence the entire human genome, but we still can't get much more than a printout, a fax, or CD Rom when we leave the doctor's office. - But often we are delivering care with a fractured medical record. - The electronic health record unfortunately, was introduced as a halfway technology. - The promise was that everybody in America, would be able to have their own personal electronic health record, you'd be able to monitor your health more closely, you'd be able to communicate back and forth with your doctor. And for most people, that hasn't really happened. ILANA YURKIEWICZ: The whole goal or one of the major goals of converting paper records to electronic charts was, ease of data entry and retrieving data, so that this can be shared in a straightforward way. BOB KOCHER: Question is why is it so hard to get your information, I mean it's your information that is in the computer? Should be like, select and print, and get it. ERIKA FRY: Interoperability is the term the industry uses for do these systems, communicate with each other, can they share health data with each other. And right now, we're trying to get to a very basic level of interoperability, which is to send and share very basic data sets. The idea that all the information in one system can be shared with another, is a long ways off. FRED SCHULTE: The idea of interoperability used to have sort of a seamless national system in which health data can be shared by vast quantities. Both for the treatment of diseases and for the ease at which you can have your records sent or someone can send the records on your behalf. That could save your life. - The interoperability problem is one that's been more and more intractable than I expected. And so I think we probably should have thought about ways at the beginning, require it. At least, for some aspects, for safety, to require it. Because the economic incentives are such that it's hard they could make that happen on its own. ILANA YURKIEWICZ: We have hundreds of different electronic vendors in this country. And they often all operate independently. JON LOMURRO: Why should epic this huge company have to share its information with EMR 2 or whatever you want to call this local. GALEN MULROONEY: Historically, there have been a lot of proprietary coding systems that were built as part of products. There are about five or six well-known companies, all of whom invested millions of millions of dollars trying to get that information correct and that knowledge is proprietary. And they rightfully, don't want to give it up. ILANA YURKIEWICZ: While most doctors offices and hospitals have gone paperless and they use electronic records, those records are not shared or integrated with other facilities. SEEMA VERMA: Essentially, where is your information was in a filing cabinet. Now, it's in an electronic filing cabinet. So we don't have a system where data is traveling seamlessly with the patient as they go through the health system. - Hospitals don't want their patients to go across the street to the competitor really easily. And so they make their computers not share all the information because they don't want the patients to leave. ILANA YURKIEWICZ: When I first started in this role, I think I had this naive expectation that all of the information that I wanted and needed to properly take care of patients would be available to me in an easily accessible formats. It didn't take long before I figured out that, that's not at all the case. In order to get information about our patients, we need to do a lot of sleuthing, and a lot of legwork, and a lot of obtaining outside records and information. And that process can be very cumbersome and it can take a long time. - There were so many, very quick installations of this equipment to recoup the stimulus money. There were doubts and questions, and still are questions whether in fact, the requirements were being met by some of these vendors. - Very careful checks have to be done to make sure that the patient safety checks are operating properly. JON LOMURRO: I got data coming in from another system and there's something wrong in that data, that's misinterpreted my system, now, all of the fanciest clinical decision support systems that I just spent huge amounts of money and time on, are going to misfire. And it's either going to not tell me to do something when it needs to or it's going to tell me to do something when I shouldn't. And you know that's dangerous, you could kill somebody. - There's been a lot of examples in which the electronic health records have mixed up patients and put information about one patient in the wrong file. You get other situations in which doctors order a test. And then by some kind of a software glitch, it disappears before it gets sent to the lab. And so the doctor could be waiting around for a test result, and not realize that the test never got to the lab. - So there are a couple of important things that need to happen to improve our usability and safety. So the first one is, we have to have more effective HR usability and safety testing. The second important piece is that, many of the contracts that exist between HR vendors and provider organizations, health care provider organizations contain language that are often termed gag clauses that prevent the open communication and sharing of usability and safety challenges. FRED SCHULTE: There's just been a culture of complete secrecy in this industry, which has prohibited a lot of people from honestly talking about the problem. There's confidentiality clauses that say pretty threateningly, that you're not to share any information about how much you paid for this system, about any problems you see with the system. You can't really call your buddy at another hospital and say, you know we installed such a such a system. And man it's garbage. - The companies say they're protecting intellectual property, but many safety experts say, this really is preventing wide spread learning on these safety risks. - The driver of everything, the most important person in this entire story, is the patients. And just like doctors and nurses should have access to all of their information in a way that they can make informed health care decisions. Patients need access to their own information too. So they can manage that properly, bring it to other providers, or just have it for their own-- for their own sake and their own knowledge. - We could somehow find a way to put the patients first, then the opportunity is there. Because if everything is recorded and everyone listens to flags and warnings, then they will catch things we can't even dream of. And that's fantastic. 

Years after their adoption, electronic health records still haven't lived up to their potential.

Year	Revenues ($M)	Profits ($M)	Assets ($M)	Total Stockholder Equity ($M)
2021	$41,929.8-4.7%	$-138.4-116.7%	$256,589.3	$16,485.4
2020	$43,9821.6%	$829.761.9%	$239,539.6	$16,271.2
2019	$43,270-1.5%	$512.6107.9%	$214,141.9	$14,478.1
2018	$43,9409.6%	$246.5-26.2%	$221,256.9	$14,741.2
2017	$40,074-0.4%	$334.3-42.4%	$197,790	$15,537

Nationwide

Company Information

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As of 8/3/2022

Profit Ratios
As of 8/3/2022

Nationwide Rank History

Historical Data

Nationwide

Company Information

Key Financials (Last Fiscal Year)As of 8/3/2022

Profit RatiosAs of 8/3/2022

Nationwide Rank History

Historical Data

Key Financials (Last Fiscal Year)
As of 8/3/2022

Profit Ratios
As of 8/3/2022